Paul Kangas' Stocks in the News
Wednesday, November 21, 2007
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PAUL KANGAS: A gloomy Wall Street headed broadly lower this morning, as oil surged toward the $100 mark and Treasury Secretary Paulson warned potential home defaults next year could significantly outnumber this year's. By 11:00 a.m., the Dow was off 159 points, NASDAQ down 48 points. As oil pulled back a bit during mid-day, stocks trimmed losses but couldn't stage a rally amid growing fears of recession. Stocks went on to close at the day's lowest levels. The Dow Industrial Average fell a hefty 211.10 ending at 12,799.04. The NASDAQ Composite down 34.66 ending at 2,562.15. Standard & Poor's 500 Index lost 22.93 points to 1,416.77. Over in the bond market, the 10-year note gained 21/32 to 101 29/32, putting the yield down to 4.02 percent.
Back on the top of the active list again, Citigroup (C) today on 29.1 million shares, edging down $0.67.
GE (GE) lost $0.87.
Ford Motor (F) $0.29 drop.
Countrywide Financial (CFC) off $0.86, even though it said yesterday it has ample liquidity to remain a going concern.
Wells Fargo (WFC) down $0.50 in this blizzard of minus signs.
Then we see Pfizer (PFE) losing $0.37.
And finally a couple of gainers and strangely enough, Fannie Mae (FNM) up $0.98.
General Motors (GM) was up a dime. The company's 49 percent owned GMAT unit is going to sell off troubled parts of its residential capital mortgage unit, but GM intends to keep that company in business.
Freddie Mac (FRE) down $0.74.
American Int'l Group (AIG) down $3.11. That's a 12-month low and there is some concern that the company may have some big sub-prime write offs like so many other companies of its ilk.
Deere & Co (DE), the star of the day, up $7.06, traded as high as $154.72. Fourth quarter earnings out today up 52 percent over last year to $1.88 versus $1.20 last year, a 20 percent rise in worldwide revenue and it sees first quarter revenues rising 25 percent.
Abercrombie & Fitch (ANF), the retailer, up $1.98, traded as high as $75.99. Third quarter earnings came in at $1.29, well above $1.11 last year, but that was $0.04 below the Street estimate.
Then we see the Gap Inc (GPS) down $1.24. Third quarter earnings up 26 to $0.30 versus $0.23 a year ago. That was only a penny above the Street estimate.
The Limited Brands (LTD) $0.42 gain there. Second quarter earnings half of what they did last year, $0.03 versus $0.06, but that was $0.02 above the Street estimate and the board of directors has approved an additional 250 million share or I should say $250 million stock buy back.
Circuit City (CC) down $0.32. JPMorgan downgraded it from "over weight" to "neutral."
And then another retailer, this is Buckle Inc (BKE) off $4. Third quarter earnings $0.72, up from $0.59 last year but $0.02 below the Street consensus. No room for disappointment in this market.
Ikon Office Solutions (IKN), this is a company that is in the document management systems business, is going to buy back up to $500 million of its own stock, nice move in it.
Par Pharmaceutical (PRX) gained $1.54. The company now sees full year earnings at $1.35 to $1.50 versus its previous estimate of only $0.95 to $1.10 a share.
And then Trina Solar Ltd (TSL) tumbling $11.51. Third quarter earnings $0.28 per American depository share and that was $0.07 below the Street estimate.
And in sympathy, LDK Solar (LDK) down $3.42.
Apple (AAPL) topped the NASDAQ active list, down only $0.39.
And Google (GOOG) bucked the overall trend with nearly a $12 gain.
Research in Motion (RIMM) up $1.02.
Microsoft (MSFT) down $0.35.
Baidu.com (BIDU) fell $5.58.
Intel (INTC) $0.89 loss there.
Cisco Systems (CSCO) down $0.79.
First Solar (FSLR) up $5.17.
Qualcomm (QCOM) $0.88 loss.
And then came Yahoo! (YHOO) down $1.01.
Jamba (JMBA) losing almost 30 percent of its value, down $1.32. Third quarter turnaround, earnings of $0.40 versus a loss of $0.92 last year, but the company cut its 2008 new store growth forecast. It'll have only 55 to 65 new stores.
And finally, shares of Northern Technologies (NTI) rising $2.50 or 33 percent. The environmental products company posted fiscal 2007 earnings of $0.87 a share versus only $0.47 in 2006.
